Vesting of 2009 LTIP Awards

3 April 2013

Vesting of Awards to Directors pursuant to

The Petropavlovsk PLC Long-Term Incentive Plan (the "LTIP")

Petropavlovsk PLC ("Petropavlovsk" or "the Company") wishes to announce that following the expiry of the three year performance period in respect of the grant of awards made to participants on 25 June 2009 under the LTIP (the 'Award') the Company's Remuneration Committee (the 'Committee') resolved that the performance conditions attached to the 2009 Award were satisfied as follows:

Performance Conditions:

1. Achievement of specific Operating Conditions (the 'Operating Conditions Target')

50% of the Award made was subject to the achievement of Operating Conditions. 85% of the Operating Conditions have been satisfied and therefore 85% of the Shares subject to the achievement of this performance condition will vest. Full details of the Operating Conditions that have been met have been included in the 2012 Directors' Remuneration Report which forms part of the 2012 Annual Report, a copy of which will be posted to Shareholders at the end of April 2013.

2. The Company's Total Shareholder Return compared with a selected peer group of listed international mining companies for the period 30 June 2009 to 30 June 2012 (the "TSR Target").

The TSR Target has not been satisfied, in part or in full, and consequently no Shares subject to this performance condition will vest.

Vesting

Following the end of the three-year performance period on 30 June 2012, the Committee considered the Company's performance against the pre-determined performance conditions, as detailed above. However, no shares subject to the Award vested during 2012 or during 2013 to date as the Company has been in an extended prohibited period. Following the announcement of the Company's 2012 full year results on 28 March 2013, the Committee has now determined that the Awards may vest.

Accordingly, the following Shares vested on 2 April 2013 in respect of Awards to the Directors, representing 42.5% of the total shares subject to the Awards made to them on 25 June 2009, as follows:

The vested shares will continue to be held in trust for the benefit of the participant and his or her family.

The above notifications are made in accordance with DTR 3.1.4(r)(1)(a).

ENQUIRIES